Swiss Re Corporate Solutions Authorized in S. Africa to Write Direct Insurance

Swiss Re Corporate Solutions announced it has received a direct insurance authorization from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority.

Located in Johannesburg and fully operational, Swiss Re Corporate Solutions Africa offers customers in South Africa the full range of its products, including non-traditional risk solutions, as well as its long-term capacity and underwriting expertise.

Swiss Re Corporate Solutions Africa said it will underwrite some of the largest and most complex risks in South Africa across a broad spectrum of industries. With a focus on mid- and large-sized corporate customers, the company provides commercial insurance services primarily in the property, engineering & construction, energy (operational power including renewable energy & operational mining), casualty, bank trade & infrastructure, surety, and financial & professional liability lines of business.

“This direct insurance licence helps us strengthen our presence and further expand our offerings in South Africa,” said Fred Kleiterp, CEO Europe, Middle East & Africa at Swiss Re Corporate Solutions. “It is evidence of our strong commitment to this important market and underlines our ambition to be a sustainable partner to our customers and brokers in the region.”

“Our market partners in South Africa will continue to benefit from our strong lead capabilities, innovative solutions and financial strength,” said Michelle Oosthuizen, head South Africa at Swiss Re Corporate Solutions. “Our own license will enable us to better support our customers and brokers and build a sustainable, long-term business in South Africa.”

Swiss Re Corporate Solutions established operations in South Africa in 2015. To date, it has operated in the country as Swiss Re Corporate Solutions Advisors South Africa, a licensed financial services provider, binding direct commercial insurance business through a binder agreement with Guardrisk Insurance Co. Ltd.

Source: Swiss Re Corporate Solutions